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Crude Gains 1%

By

Dan Strumpf

Updated Nov. 1, 2012 3:02 p.m. ET

NEW YORK—Oil futures advanced Thursday after the U.S. government said oil stockpiles unexpectedly fell last week, while analysts warn that tighter fuel supplies could be on the way in the wake of Sandy.

Light, sweet crude for December delivery settled 85 cents, or 1%, higher at $87.09 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange recently fell 68 cents, or 0.6%, to $108.02 a barrel.